In terms of image correction there's new 'automatic' fixing of lens faults based on the EXIF data of the image, such as barrel and perspective distortion, vignetting and chromatic aberration. The application ships with over 60 built-in lens profiles and additional profiles are available on DirectorZone, but the support is by no means exhaustive.
PhotoDirector 5, rewrites with great improvements. Also with noise-reduction methods that may make you want to try this software out right now. But keep reading on for more information.